Veteran Canadian businessman Paul Godfrey will remain at the helm of Canada’s largest newspaper company until the end of 2020, after the board of Postmedia Network Inc. extended his contract by two years on Tuesday.

Godfrey, who has held the position of President and CEO since Postmedia was founded in July 2010, will lead the publisher as it embarks on major staff reductions with a planned 20% reduction in salary expenses in the coming weeks.

The media publisher last month announced a loss of $99.4 million in the three months ending Aug. 31 that made up its fourth quarter 2016 results. Postmedia has faced steep revenue declines in recent years, primarily caused by significant decreases in print advertising revenue — the most recent quarterly results show it fell $26.4 million or 21.3%.

“The Postmedia that we are building toward will be a smaller company focused on executing on initiatives that have returns we can invest into our future,” Godfrey wrote in an Oct. 20 memo to staff. “We’re trying new things and giving our new initiatives time to develop which is critical to our future-focused business model.”

New initiatives by the company include digital marketing partnerships with fintech companies Agility Forex Ltd. and Mogo Finance Technology Inc., launched earlier this year, and a digital lab at Kitchener,ON-based startup incubator Communitech.

In addition to steering the publisher into new digital ground, Godfrey has expanded Postmedia’s portfolio of publications considerably during his time at the company. Last year saw the completion of a $316 million deal to acquire 173 Sun Media publications.

The company’s debt burden has also been lessened. Last month, Postmedia completed a major restructuring under a court-approved corporate plan of arrangement that removed $307 million in debt and $50 million in annual cash interest from its books through a debt for equity swap.

Before the restructuring was completed, Postmedia owed approximately $648 million to its debt holders.

“After the successful completion of the Company’s recent recapitalization transaction and with a view to the future of the business, extending Paul’s tenure is a strong sign of support from our new Board,” said Rod Philips, chair of Postmedia’s board, in a media release. “Postmedia continues on its transformation path and Paul, who has led Postmedia since its inception, provides important continuity in leadership.”

Before taking on his role at Postmedia, Godfrey, 77, at different times served as the president and CEO of the National Post, the chair of the Ontario Lottery and Gaming Corporation, and President and CEO of the Toronto Blue Jays. He held various positions over 16 years at Sun Media Corp., eventually serving as President and CEO.